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Updated Median Income Data for Use in Means Test

March 21, 2013 David L. Stevens Bankruptcy

dollar signThe Census Bureau has published updated median family income. Individuals who earn more than the median income are required to take a "Means Test" to determine if they qualify for Chapter 7. The below table lists the median income by family size:

 

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FAMILY SIZE

STATE

1 EARNER

2 PEOPLE

3 PEOPLE

4 PEOPLE *

New Jersey

$61,146

$69,697

$85,016

$103,786

New York

$47,790

$59,308

$69,052

$83,209


For cases filed on or before March 31, 2013, add $7,500 for each individual in excess of 4. 
For cases filed on or after April 1, 2013, add $8,100 for each individual in excess of 4.

 

If you would like help from a New Jersey consumer bankruptcy attorney, contact us for a free bankruptcy consultation today.

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David L. Stevens

I have a passion for what I do. There are few things I enjoy more than helping good people and viable businesses find solutions to overwhelming debt.

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